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Gold Remains Softer After U.S. Jobless Claims Rise 10,000 To 227,000

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(Kitco News) - Gold remained modestly softer after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 10,000 to a seasonally adjusted 227,000 in the week to Saturday. Spot gold was last down $3.40 to $1,405.20 an ounce.

Consensus expectations compiled by various news organizations had called for initial claims to be around 216,000 to 220,000. The government revised the prior week’s tally to 217,000 from the previously reported 216,000.

Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was up by 2,250 claims to 221,250.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 22,000 to a seasonally adjusted 1,688,000 during the week ending June 15, the government said.

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